Argentina: In Distress
Argentina may be the most distressed story in
Latin America, but it is also the most undervalued.
BY WALTER T. MOLANO
A wave of bad news swept over Argentina
last week. The departure of Economy Minister Martin Lousteau, the
decision by Standard & Poors to place Argentina on negative
outlook and the after-effects of global deleveraging left many investors
running for cover.
Although Minister Lousteau was already
on his way out, many people were caught by surprise. Carlos Fernandez,
the head of the tax collection agency (AFIP), was selected to be
his replacement. Although Fernandez is not much of a technocrat,
he is more mature than his young predecessor and could be more cooperative
with members of President Kirchner's inner circle. Interior Commerce
Secretary Guillermo Moreno was the biggest point of confrontation,
given his propensity to meddle in all economic matters. Moreno is
a close ally of the Kirchners, and he is the architect of the price
controls. READ
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